Product Ruling

PR 2008/14W

Income tax: Capricorn Timber Indian Sandalwood Project

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Notice of Withdrawal

Product Ruling PR 2008/14 is withdrawn with effect from today.

1. Product Ruling PR 2008/14 sets out the Commissioner's opinion on the tax consequences of Growers accepted into the Capricorn Timber Indian Sandalwood Project (the Project) from 20 February 2008 to 30 June 2008 inclusive. Growers were to participate in the business of cultivation, harvest and sale of Indian Sandalwood trees.

2. The Project did not commence as it did not achieve the minimum subscription of 275 Woodlots as required under the terms of the Product Disclosure Statement. Therefore, PR 2008/14 has no application as it does not rule on the tax consequences for any entity.

Commissioner of Taxation
30 July 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TD 2003/12
TR 97/7
TR 97/11
TR 98/22
TR 2000/8
TR 2007/6

Subject References:
advance deductions and expenses
carrying on a business
commencement of business
fee expenses
for certain forestry expenditure
forestry agreement
interest expenses
management fees
non-commercial losses
producing assessable income
product rulings
public rulings
schemes
seasonally dependent agronomic activity
tax avoidance
tax benefits under tax avoidance
tax shelters
tax shelters project
taxation administration

Legislative References:
ITAA 1936 82KL
ITAA 1936 Pt III Div 3 Subdiv H
ITAA 1936 82KZL
ITAA 1936 82KZL(1)
ITAA 1936 82KZLA
ITAA 1936 82KZM
ITAA 1936 82KZMA
ITAA 1936 82KZMB
ITAA 1936 82KZMC
ITAA 1936 82KZMD
ITAA 1936 82KZME
ITAA 1936 82KZMF
ITAA 1936 82KZMG
ITAA 1936 82KZMG(1)
ITAA 1936 82KZMG(2)
ITAA 1936 82KZMG(3)
ITAA 1936 82KZMG(4)
ITAA 1936 82KZMGA
ITAA 1936 82KZMGA(1)
ITAA 1936 82KZMGA(2)
ITAA 1936 82KZMGB
ITAA 1936 82KZMGB(2)
ITAA 1936 82KZMGB(3)
ITAA 1936 170
ITAA 1936 Pt IVA
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 177D(b)
ITAA 1997 6-10
ITAA 1997 8-1
ITAA 1997 10-5
ITAA 1997 17-5
ITAA 1997 25-25
ITAA 1997 25-25(1)
ITAA 1997 25-25(4)
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-10
ITAA 1997 35-10(2)
ITAA 1997 35-55
ITAA 1997 35-55(1)(b)
ITAA 1997 40-880
ITAA 1997 Pt 3-1
ITAA 1997 118-20
ITAA 1997 328-110
ITAA 1997 995-1
Copyright Act 1968
Corporations Act 2001
SISA 1993
TAA 1953
TAA 1953 Sch 1 357-75(1)

Case References:
Commissioner of Taxation v. Lau
(1984) 6 FCR 202
84 ATC 4929
(1984) 16 ATR 55